Ruben Brothers is on the rise in South Florida and has completed the purchase W South Beach hotel for $425 million, marking the largest hotel transaction in the region so far this year.

The property right by the sea 2201 Collins Ave in Miami Beach, houses 175 hotel rooms and a Mr. Chow Restaurant on the ground floor and 173 condominiums managed by the resort.

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“Our vision is clear: To secure (W South Beach)’s reputation as Miami’s premier global destination while reimagining the future and providing an unparalleled luxury experience.” Jamie ReubenPrincipal at Reuben Brothers and son of a mogul David Rubensaid in a statement.

Brothers David and Simon Ruben initially made a fortune in the metal trade and was one of the richest people in Britain. In recent years they have diversified their assets into real estate.

This acquisition marks Reuben Brothers' second major hospitality purchase in Florida. It bought this two years ago Chesterfield $42 million Palm Beach hotel expected to reopen The Vineta Next year.

The brothers also own a 25 percent stake Fontainebleau development'S JW Marriott Miami Turnberry Resort & Spa.

The W South Beach transaction comes out trumps Larry Ellison'S $277 million purchase the coast Eau Palm Beach Resortalthough it may not last long. Brookfield Asset Management is under Contract for sale The PGA National Resort in Palm Beach Gardens, Florida, for $425 million.

For the W sellers: Aby Rosen And Michael Fox's RFR Holding and David Edelstein'S TricapThe transaction caps a long saga. In 2004, Tricap purchased the 3.5 hectare site on which, among others, were located Holiday Innfor $77 million. RFR Holding later entered into a 50:50 partnership to redevelop the site into a 20-story apartment hotel, completed in 2009.

The partnership collapsed last year when both filed dueling lawsuits about a failed buyout deal that they later dissolved.

The sale comes as New York-based RFR Holding struggles with a portfolio heavily invested in office buildings. This summer, at least five loans The assets held by RFR have entered special administration measures or are facing foreclosure. This month, Cooper Union moved to terminate RFR Holding's leasehold agreement for the cult object Chrysler Buildingafter RFR's Austrian partner Signa filed for bankruptcy.

Representatives for sellers RFR Holding and Tricap confirmed the W South Beach's sale price, while a spokesman for Reuben Brothers did not immediately respond to a request for comment.

Eastdil secured'S Jeff Davis represent the sellers at the W South Beach Sale, with Newmark'S Doug Harmon worked as a consultant.

Julia Echikson can be reached at [email protected].